Stocks sink as Apple weighs, rates climb higher

Stocks slide as Apple drops over 2%, as chipmakers like Lam Research yesterday and Taiwan Semiconductor today warning on revenue. Plus, Amazon tops 100 million Prime members. Is next stop $1 trillion in market value? And, the week in Trumponomics, our own Rick Newman has the scorecard. Plus, forget Seeking Alpha. You might have to seek ‘beta’ when it comes to finding a fund manager. Catch The Final Round at 3:55 ET p.m. with Jen Rogers and Yahoo Finance markets correspondent Myles Udland.

Winners and losers

Stocks in the red include Procter & Gamble despite an earnings beat, as organic sales growth fell 1%; Philip Morris International shares down as the company saw cigarette and heated-tobacco unit shipment volume drop 2.3%; Qualcomm shares slide as the company began layoffs as a cost saving measure and they are said to be ‘very concerned’ with the fate of an NXP semiconductors deal.

Stocks in the green include iRobot as Piper Jaffray sees strong demand for the company’s robotic vacuum cleaners; BNY Mellon as the asset manager reported a better-than-expected first quarter profit, citing growth in its assets servicing and management businesses; and American Express, with shares climbing as the credit card company beat on earnings, with its forecast topping estimates as well.